U.S. regulator urges OTC derivatives reform

From Reuters: Creation of a clearinghouse for credit default swaps will reduce the risk posed by the financial derivatives, three U.S. regulatory agencies said on Wednesday and one of them urged broader reform of over-the-counter derivatives markets.

Officials from the Federal Reserve System, the Securities and Exchange Commission and the Commodity Futures Commission said U.S. regulatory changes must be coordinated with the financial overseers overseas so rules are uniform globally….. Full Article: Source